Stocks, rupee end flat

ISLAMABAD: Karachi Stock Exchange (KSE) ended almost flat on Wednesday as investors selling fertiliser shares balanced bargain hunters banking on hopes of healthy corporate results, dealers said.

The Karachi Stock Exchange's benchmark 100-share index ended 0.08 percent, or 10.37 points, lower at 12,433.17. Volume was 83.24 million shares, compared to a five-month of 88 million shares made the previous day.

"Investors booked profits in the fertiliser sector as they had been performing in the previous few sessions," said Sajid Bhanji, director at brokers' Arif Habib Ltd.

"However the positive momentum of the market is likely to continue because of the result season."

Corporate results for the year ending June 30 are due to be announced in the coming days.

Fauji Bin Qasim ended 0.13 percent at 46.85 rupees.

In the currency market, the rupee also ended almost flat at 86.20/25 to the dollar, compared with Tuesday's close of 86.22/27 and dealers said the local unit should largely hold steady in the days ahead.

The rupee hit a record low of 86.50 in May, but has been steady since, largely due to increased remittances from Pakistanis working abroad.

According to the official data, remittances rose to a record $11.2 billion in 2010/11 fiscal year, an increase of 25.77 percent from the previous year.

In the money market, overnight rates closed at between 13.50 percent and 13.75 percent, compared with the previous day's close of 13.90 percent, and dealers said rates are likely to hover around current levels.

Copyright Reuters, 2011